how much do real estate appraisers (residential) make in Hawaii? what is starting salary, and then in ~5 yrs?
hikkup asked:
Specific to Hawaii — How long does it take one to be a residential real estate appraiser? Assume starting from scratch, no expereince. How much time in classes/studying, how long in apprenticeship, etc., and how much does one make to start, and can expect to make years later? What other real estate jobs can this parlay into later on in the future?
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Specific to Hawaii — How long does it take one to be a residential real estate appraiser? Assume starting from scratch, no expereince. How much time in classes/studying, how long in apprenticeship, etc., and how much does one make to start, and can expect to make years later? What other real estate jobs can this parlay into later on in the future?
November 25th, 2008 at 8:50 am
Regarding the education and experience, it depends on the license level you want to go for.
State Licensed Appraisers can appraise any non-complex 1-4 unit residential properties with a transaction value of less than $1,000,000. The current requirement is 90 hours of education (15 of which must be ethics) and 2,000 hours of experience (accumulated over a minimum of 2 years). In addition, you must pass either the State Licensed or Certified Residential examination and apply for a license with the State of Hawaii (the state requires 3 notarized recommendations along with the application).
Certified Residential Appraisers can appraise all residential property. The current requirement is 135 hours of education (15 of which must be ethics) and 2,500 hours of experience (accumulated over a minimum of 2 years). In addition, you must pass the Certified Residential examination and apply for a license with the State of Hawaii (the state requires 3 notarized recommendations along with the application).
If you’re starting from scratch, you need to be aware that the requirements for real estate appraisers are changing nationwide effective January 1, 2008. If you didn’t log in any experience before January 1, 2006, you *will* be held by these new requirements:
*State Licensed: Education requirement increased to 150 hours.
*Certified Residential: Education requirment increased to 200 hours, new college level requirement of an Associate Degree (or in lieu, 21 college semester hours in courses covering specified topics).
Regarding salary, I unfortunately can’t help you with specific details on this topic since I am not a residential appraiser (I’m a commercial appraiser) and do not reside in Hawai`i. According to salary.com, residential appraisers in Honolulu can earn between $40,000 to $70,000 depending on the level of experience. I suspect that this pay range is for licensed appraisers.
The pay really depends on who you work for (different employers have different pay structures), your level of experience and what you do as an appraiser (appraisers are not limited to only doing appraisals, but some appraisers perform consultations and review appraisals written by other appraisers). From personal experience, your pay will typically go up as you gain experience because you will be able to do your work more quickly and will learn how to complete more complex assignments.
If you’re serious about becoming an appraiser, I’d suggest contacting the Department of Commerce & Consumer Affairs to gather more information on licensing requirements. Also, see if you can chat with residential appraisers in the Hawai`i to see if they can give you any insight into the profession. It’ll help to start networking early, since it’ll help you find a mentor and is the key to a successful appraiser.
Good luck!